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Institutional investors have emerged as key players in cryptocurrency conversations lately, with new treasury firms becoming the focal point. Ethereum—second only to Bitcoin—is among the cryptocurrencies being gathered by the recent market entrants (primarily institutional participants). Notably, the most recent on-chain statistics indicate that this significant group of investors has intensified their acquisitions recently, buying billions of Ethereum tokens over the past month.
Are Institutions Driving Ethereum’s Recent Price Rise?
In a recent update on the X platform, EmberCN disclosed that several unidentified whales or institutions have purchased over 1.035 million ETH tokens (valued at approximately $4.167 billion) since July 10, 2025. According to the on-chain analytics company, this surge in buying occurred via exchanges or institutional trading venues, including Kraken, FalconX, Galaxy Digital, Binance, and Coinbase.
EmberCN suggested in their post on X that most of the wallets accumulating these large quantities of Ethereum tokens are likely owned by institutions or publicly traded companies in the US building ETH reserves. However, the analysis excluded SBET (SharpLink Gaming), as their addresses are recognized and traceable.
SharpLink’s Ethereum accumulation campaign has been thoroughly reported in recent weeks, acquiring hundreds of thousands of Ether tokens within a month. As Bitcoinist noted, the marketing firm anticipates expanding its ETH-centric treasury to as much as $5 billion.
Source: @EmberCN on X
This accumulation trend aligns with a period of favorable price movement, with Ethereum climbing from $2,600 to over $4,000—a more than 45% rise in the past month. It is noteworthy that the average purchase price for these institutional transactions is estimated at around $3,546.
At the time of this writing, the Ethereum token is priced at roughly $4,260, indicating over a 5% increase in the last 24 hours. Data from CoinGecko illustrates that the second-largest cryptocurrency has risen in value by over 25% in the last week.
Arthur Hayes Reacquires ETH Token at Elevated Prices
BitMEX co-founder Arthur Hayes announced that he has repurchased all of his Ethereum tokens following a significant sell-off last week. On-chain data indicates that Hayes disposed of 2,373 ETH tokens (valued at $8.32 million at the time of sale) at approximately $3,507.
The price of ETH has risen by over 20% since that time, leading the BitMEX co-founder to “reverse” his trade. On Saturday, August 9, Hayes utilized $10.5 million worth of USDC to acquire additional Ethereum tokens at around $4,150.
Hayes remarked on X:
Had to buy it all back, do you forgive me @fundstrat? (referring to Tom Lee, the chief investment officer at Fundstrat Capital and head of research at FS Insight). I pinky promise, I won’t take profit again.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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